WELLINGTON, May 9 (Reuters) - New Zealand’s central bank governor said on Thursday that the reason for the bank to cut its official cash rate (OCR) was that global economic growth had slowed.
“The reason for the cut is global economic growth has slowed,” Adrian Orr said in an address to a parliamentary committee.
“Growth has come off rapidly in Europe, in China, though that’s stabilized more recently, and Australia ... so key trading partners.”
The Reserve Bank of New Zealand (RBNZ) lowered the OCR by 25 basis points to an all-time trough of 1.50 percent on Wednesday. (Reporting by Charlotte Greenfield; writing by Praveen Menon; editing by Jonathan Oatis)